ITP & eNett to bring efficient payments to its TMC network
September 6, 2016
eNett has partnered with International Travel Partnership (ITP), one of the world’s fastest growing networked alliances of independent Travel Management Companies (TMCs), to expand the use of eNett Virtual Account Numbers (VANs) across its global partner network of 59 TMCs.
With supplier payments a time consuming and often manual task, ITP sought a solution that would streamline the process and bring greater efficiency to its TMC partners. Minimising the risk of fraud was also a key objective, with thousands of transactions being carried out daily throughout the network.
An eNett VAN is a unique, automatically generated MasterCard number used for supplier payments. VANs integrate with leading accounts and booking platforms allowing agents to pay suppliers from within their booking flow and automating reconciliation - delivering significant cost and time efficiencies. TMCs can also set payment parameters such as merchant type, enabling them to better enforce travel policies as well as guarding from misuse and fraud. VANs also return a rebate on transactions1, adding an income stream to an already low cost of payment.
ITP Director of Products and Services, Virginia Palla, said, “We are always looking for innovative solutions that can bring real benefits to our partners. Supplier payments take up a huge amount of time and resource, which can be better spent on customers. VANs provide the perfect solution, automating the process and integrating with existing booking and payment systems allowing our TMCs to make payments within the workflow – saving time and money.”
eNett Managing Director and CEO, Anthony Hynes, said, “Our own analysis has shown travel companies could be spending up to €4,500 a week on manual reconciliation and related functions2. As well as cost, there’s the time wasted on processing payments and increased chance of human error. VANs eliminate the need for manual reconciliation altogether, while streamlining the payments process to make transactions simple and easy. I look forward to working with ITP in rolling out VANs across its entire global network.”
1. eNett VANs terms and conditions apply
2. eNett analysis of Phocuswright Payments Unsettled Report 2013